Increase your knowledge base with lessons on GASB 65 new classification of items previously reported as assets and liabilities.
First year accounting students are taught that assets equal liabilities plus equity. GASB 65 and its related pronouncements make this equation obsolete for state and local government financial statements. Understand these new classifications of items that were previously reported as assets and liabilities. This topic will help you to conceptually understand deferred outflows and inflows of resources and help you to better understand their impact on governmental financial statements.
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Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Understanding Deferred Outflows and Inflows of Resources
Display of Deferred Outflows and Inflows of Resources on the Statement of Net Position
Changes to Accounting for Assets and Liabilities Under GASB 65
- Refundings of Debt
- Debt Issuance Costs
- Leases
- Sales of Future Revenues
- Nonexchange Transactions
- Insurance Activities - Acquisition Costs
- Lending Activities
- Mortgage Banking Activities
- Regulated Operations
- Revenue Recognition in Governmental Funds
- Use of Term Deferred
- Major Fund Criteria
- Other Items That May Give Rise to Deferred Inflows and Outflows of Resources
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Why Lorman?
Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on June 28, 2018.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Warren Ruppel, CPA
Marks Paneth LLP
- Currently, partner in the nonprofit, Government and Healthcare Group of Marks Paneth LLP, a Top 100 accounting firm based in New York
- Author of CCH’s Knowledge Based Audits of Not-for-Profit Organizations; Wiley’s Not-for-Profit Accounting Made Easy; and Not-for-Profit Audit Committee Best Practices
- Formerly the assistant comptroller of accounting for the city of New York, with overall responsibility for the city’s accounting and financial reporting
- Earlier in career with KPMG and Deloitte & Touche, serving numerous public sector not-for-profit and government audit clients
- Former board member and chair of the audit committee of the New York State Society of CPA’s
- Appears quarterly as the government specialist on the CPA report distributed by SmartPros
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Why Lorman?
Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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